Report Reveals Opal Investment as Controlling Shareholder and Single-Person Company in Adani Power

SEBI Investigates Opal Investment's Links to Overseas Funds Amidst Corporate Records Revelations


Mumbai :  The Indian Express recently published a report claiming access to corporate records, shedding light on Opal Investment Pvt Ltd’s pivotal role as the controlling shareholder and the largest public investor in Adani Power Ltd (APL).

What makes this revelation even more intriguing is that Opal Investment Pvt Ltd operates as a ‘single-person company.’ This revelation has added another layer of scrutiny to Opal Investment, which is one of the 13 overseas funds currently under investigation by the Securities and Exchange Board of India (SEBI).

SEBI’s ongoing investigation had initially pointed to Zenith Commodities General Trading LLC as the controlling shareholder of Opal Investment Pvt Ltd, with the beneficial owner identified as Adel Hassan Ahmed Alali from the United Arab Emirates (UAE).

However, a twist emerged in July 2020 when Adel Alali assumed directorship of Opal Investments (Mauritius), and this entity’s address was registered with Trustlink International, a corporate service provider.

According to the corporate records uncovered by The Indian Express, Opal Investment severed ties with Trustlink International following its connection to the Adani Group in the Hindenburg report. This move raises questions about the background and affiliations of the individuals and entities inv

The Hindenburg report, released in January, had previously raised concerns about Opal Investment’s conspicuous absence from the online sphere, including the absence of employees on LinkedIn, the lack of marketing materials, and a dearth of records indicating participation in investment conferences. The report also highlighted that Opal’s investment portfolio appeared to consist “solely of Adani Power shares,” lacking the diversification typically expected in such portfolios.

An intriguing aspect unearthed in the Hindenburg report was the fact that Opal Investment was formed on the same day, in the same jurisdiction, and by the same corporate service provider as another entity, Krunal Trade & Investment Pvt Ltd. The latter was established under the directorship of Vinod Adani, the elder brother of Gautam Adani.

Both Opal Investment and Krunal Trade & Investment Pvt Ltd were reportedly established on October 4, 2005, in Mauritius, by the same corporate services provider, Trustlink International. The revelation raises questions about the nature of their connections and activities.

Furthermore, The Indian Express reported that Trustlink International’s CEO publicly mentioned that he “sits on the board of … the Adani Group,” drawing further attention to the web of relationships surrounding these entities.

Recent records as of June 14 indicate that Opal Investment enlisted the services of a new management company, LTS Management Services Ltd, which assumed the role of fund secretary and provided two nominee directors. Concurrently, Opal Investment altered its registered address to match that of LTS Management. Adel Alali retained his position as the third director and remained associated with Trustlink’s address.

During this transition, Opal Investment also registered a website on May 26. The website,, confirms Opal Investment Pvt Ltd’s incorporation in Mauritius on October 4, 2005, and its receipt of a Category 1, Global Business License from the Financial Services Commission, Mauritius.

According to the website, the company’s principal activities include “investment holding and general trading activities,” with operations managed by professionals.

In response to these revelations, the Adani Group clarified that Opal Investment was one of its public shareholders in listed companies within the Adani Portfolio. The Group emphasized that allegations of any connection between Opal Investment and the promoters were inaccurate. The Adani Group also stressed that a listed entity had no control over the buying, selling, or ownership of publicly traded shares, nor access to information regarding the source of funds from public shareholders.

In the aftermath of Opal Investment’s subsidiary, Growmore Trade and Investment Pvt Ltd, merging with Adani Power Ltd (APL), the former gained an 8.91 percent stake in APL. As of March 31, Opal Investment’s stake in APL stood at 4.69 percent, making it the largest public holding in the company.

These recent revelations have further fueled discussions surrounding corporate governance, transparency, and the intricacies of financial holdings in India’s corporate landscape. As SEBI continues its investigation, more insights into these complex relationships may come to light.